21 February 2012

All details for Multi Commodity Exchange of India Limited (MCX) IPO : Prospectus, Application Forms. ASBA, grading reports

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Multi Commodity Exchange of India Limited
*Non-Retail investors i.e. QIB and Non-Institutional Investors Bidding for more than 2 lac shall mandatorily use ASBA facility
Symbol - SeriesMCX EQ
Issue PeriodFeb 22,2012 to Feb 24,2012
Post issue Modification PeriodFeb 25,2012
Issue SizePublic offer of 6,427,378 equity shares of Rs. 10.(including Anchor Portion of 9,26,606 equity shares)
Issue Type100% Book Building
Price RangeRs 860 to Rs 1032/-
Face ValueRs.10/-
Tick SizeRe. 1/-
Market Lot6 Equity Shares
Minimum Order Quantity6 Equity Shares
IPO GradingIPO GRADE 5
Rating AgencyCRISIL Limited
Maximum Subscription Amount for Retail InvestorRs.200000
IPO Market Timings10.00 a.m. to 5.00 p.m.
Book Running Lead ManagerEdelweiss Financial Services Limited,Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited
Syndicate MemberEdelweiss Securities Limited,SMC Global Securities Limited and Sunidhi Securities & Finance Limited
Categories*FI, IC, MF, FII, OTH, CO, IND, NOH and EMP
No. of Cities with Bidding Centers38
Name of the registrarKarvy Computershare Private Limited
Address of the registrarPlot Nos. 17 ? 24,Vittal Rao Nagar, Madhapur,Hyderabad 500 081
Contact person name number and Email idM. Murali Krishna, (91 40) 4465 5000, mailmanager@karvy.com
ProspectusClick Here
Trading Member ListClick Here
Application FormsClick Here
ASBA e-form linke-Forms
Grading ReportClick Here
Branches of Self Certified Syndicate Banks (SCSBs) where syndicate / sub syndicate member to submit ASBA formClick Here
Anchor Allocation ReportClick Here

India strategy -Recalibration: Top 5 Picks ::CLSA

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Recalibration
India has been the best performing Asian market YTD and we believe the
strong performance would continue as the liquidity driven rally is now
getting the policy support and corporate earnings stability. Any initiative
to improve coal production and power generation, we believe, will further
increase our enthusiasm. CLSA’s global strategist Chris Wood prefers
India on sustained global liquidity conditions, and if domestic retail
investor returns to equity, the risks will be on the upside. We continue to
add more beta to our portfolios and add Tata Motors and Yes Bank to our
top 5 ideas replacing ITC and Dr Reddy’s. The rising crude and potential
delays/lower rate cuts by the RBI will be a negative.
Liquidity rally has moved the valuations back to July level
q With the liquidity driven rally, Indian stock market has now moved back to the July
2011 level, valuations are also similar at 14.5x as time effect offset by earnings
downgrade.
q Recent stock price reactions to bad results etc imply that the investors are now
much more willing to look beyond the near-term, focussing on longer-term trends.
Initial signs of policy level improvement visible
q The Government has certainly moved beyond the policy noise to some concrete
steps (refer to our earlier note: Policy Paralysis no more?). While still a few
uncertainties exist, the direction is clear.
q The possibility of Coal India being able to ramp-up production whether from the
existing mines (relatively easier and could be effective in a year) or the new mines
(production will likely take a couple of years assuming fast-track clearances) can be
rerating trigger for the Indian markets.
q With these policy initiatives and the willingness of the investors to look beyond the
near-term patches makes us more sanguine about the current rally.
CY2012 market returns to be front ended; retail support should
q With primary markets being slow to pick-up, we believe that the CY12 market
returns will be upfronted as easier global liquidity continues.
q Domestic retail investors have been virtually absent from the equity markets for the
last three years (FY10-12) with 0.2% of incremental saving going into equities as
against 5% as the trend prior. A reversion mean (3.5% average over the last 8
years), could bring in US$13-14bn creating potential buffer for equity issuances.
Adding more beta to portfolio
q Corporate earnings trend stabilising (our FY13 Sensex EPS has remained
unchanged at 1,269 over the last 45 days and through the 3QFY12 results season),
and earnings downgrade cycle has ended.
q We raise market target multiple to 14.5x – in line with the last 10 year average to
take the Sensex target to 20,800. Rising international crude prices and possible tax
hike / fuel hike may delay the potential rate cuts by RBI. This could be a risk to
market sentiments which are building in large hopes on rate cuts.
q In line with the view of our global strategist, Chris Wood, who believes in continued
global liquidity, we add more beta to our portfolio. We remove ITC and Dr Reddy’s
from our top 5 ideas and replace with Yes bank and Tata Motors.
q We raise weight on financials by 5 ppts to become OWT. We also raise industrials to
Neutral (+2). Lower pharma by 4 pts to UWT from OWT earlier. Weight in IT also
cut but 2.5ppts but maintain the OWT stance. Reduce staples weights by 2ppts to
increase our UWT further. Also reduce weight in Energy by 2pts to make it UWT.

Goldman Sachs: Global: Energy: Oil - Refining Equity Research Closures, project delays, demand outlook to drive upcycle in ’12-13E

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Global: Energy: Oil - Refining
Equity Research
Closures, project delays, demand outlook to drive upcycle in ’12-13E
Mothballing, capacity delays to lead refinery recovery and upcycle
over medium term; Asian refiners key beneficiaries of higher cracks
While the market focuses on weak 4QCY11 results of refiners, we believe
the global refining cycle is now heading for recovery and upcycle during
2012E-13E driven by 1) major mothballing of refineries in US/ Europe, 2)
delays in new projects, 3) oil demand recovery from 2H12E. We also note
there is only limited capacity addition after 2Q12E. Overall, global
utilisation has moved up for all years: 2012E-14E. We believe the Asian
refiners would be key beneficiaries of rising cracks while US/Europe
refiners are plays on WTI-LLS and light-heavy oil spreads.
Supply side reaction to weak margins has picked up in US/Europe
We have witnessed announcements of mothballing of about 1.2 mb/d of
refining capacity since Sep ‘11, of which 1.1 mb/d will take place until July
2012. In addition to this, we believe about 2.4 mn b/d of refining capacity in
the western hemisphere remains under strategic review. This represents
about two years of normalised oil demand growth globally.
Delay in new projects to support refining cycle over medium term
Moreover, we believe delays in new projects have become a central theme
in the refining sector driven by delays in logistics, delays in acquiring land,
obtaining clearances/permits and some tightness in engineering chain. We
find more than half of the 1.5 mb/d likely delays for 2012E are in Asia.
Raise Singapore cracks for 2H12E-2013E, normalised 2014E margin
in line with oil forecasts; upgrade Asia refining stance to Attractive
We raise our Singapore cracks forecasts for 2012E-13E by 20% and
upgrade our refining sector stance to Attractive from Neutral. China will
continue to have tight distillate supply over the medium term, in our view.
S-Oil, Thai Oil, RIL and Western are our favorite refiners
In Asia we upgrade S-Oil to Buy (CL), Thai Oil, RIL and GS Holdings to Buy,
Caltex to Neutral; in US, Western Refining (CL), HollyFrontier, and CVR Energy
remain our Buy-rated favorites. In Europe, we prefer the oil producers within
the refining/integrated sector: RD Shell and BG (both CL Buy). Key risks: 1)
Demand slowdown from weak macro, 2) oil price spike from low spare
capacity in 2013E, 3) supply crunch from Iran tension escalation.

Goldman Sachs: Bharti Airtel- Structurally well positioned; Weakness a good entry-point; CL-Buy

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COMPANY UPDATE
Bharti Airtel (BRTI.BO)
Buy Equity Research
Structurally well positioned; Weakness a good entry-point; CL-Buy
What's changed
We reiterate our Buy rating (on CL) on Bharti with a revised 12m PT of Rs460
(from Rs475) after 3Q earnings call. Key takeaways: 1) Management stated
that Bharti saw muted minutes growth, mainly due to impact of elasticity as
Bharti had done a pan-India tariff hike (vs. selective hikes by its peers), which
got reflected in a better RPM growth. 2) Management highlighted that Africa
local currency growth rate was c.5% qoq higher than the reported US$ growth
of 3% and operations were impacted due to one-off effects, like strikes in
Nigeria. 3) Despite 55% qoq decline in 3Q capex, management kept its FY12
capex guidance of US$3.2bn unchanged (ytd spend: US$2.3 bn). Management
highlighted that as they moved from Erlang-based procurement to “Erlang
and equipment” based- purchase, there is lumpiness in capex payments from
quarter to quarter; 4) 3Q EBITDA had several one-offs, namely one-off
provision from Bangladesh unit; increase in “others” cost item due to
sponsorships for F1 and BCCI events; one-time impact due to a fire in a
company location in Mumbai in Dec 2011 and an impact in Telemedia division
led by migration to new billing system, as some subs churned and led to
higher bad debt provision.
Implications
While our FY12-14E revenue/EBITDA of Bharti are cut by 0.2%-1.3% post
3Q, our FY12E/FY13/FY14E/ EPS are cut by 14.8%/13.1%/13.7% as we factor
in higher D&A and tax rate. We also reduce our capex after Bharti reported
55% qoq decline in 3Q capex. As a result, our 12-m SOTP-based TP is
lowered by 3% to Rs460.
Valuation
On our revised numbers, Bharti trades at FY13 EV/EBITDA and P/E of
6.9X/16.3X (vs. Asian telcos avg. of 6.8X/15.2X) and offers a FY11-14E EPS
CAGR of 26% (vs. Asian telcos avg of 3.8%).
Key risks
Price wars in India; Weaker than expected KPIs from African operations.
INVESTMENT LIST MEMBERSHIP
Asia Pacific Buy List
Asia Pacific Conviction Buy List

Silver price may surge to Rs 1 lakh per kg: Bombay Bullion Association (ET)

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The price of silver could surge to Rs 1 lakh per kg mark this year in the wake of international economic situation, Bombay Bullion Association (BBA) on Tuesday said. "The silver currently ruling at Rs 57,000 per kg, is likely to go up further and might go up to Rs 1 lakh per kg this year due to the global economic crisis," Bombay Bullion Association (BBA) President Prithviraj Kothari told reporters here on the sidelines of a function. The prices of silver in India have more than doubled in the last two years. This will affect silver imports, which may witness only marginal growth to around 5,000 tonne this year compared to about 4,800 tonne in 2011, he said. "In 2011, we imported about 4,800 tonne of silver, which was 70 per cent higher than that of 2,800 tonne during 2010. This year the silver imports may be around 5,000 tonne," Kothari said. Talking about gold, Kothari said, gold imports are likely to be similar to that of last year. India had imported 966 tonne of gold in 2011, according to the World Gold Council report. Gold prices are likely to move in the range of Rs 26,000-35,000 per 10 grams this year due to the current economic crisis, he said, adding internationally gold is likely to be traded in the range of USD 1,600-2,200 an ounce this year. Talking about platinum, Kothari, who is also the director of RiddhiSiddhi Bullion, said he expects the prices to rise more than gold. In the international market, gold was trading at USD 1,740.88 an ounce and platinum at USD 1,670.50 an ounce today. India annually imports 10-15 tonnes of platinum which is mainly used in the auto industry.

21/2/12: FII & DII Turnover (BSE + NSE) (Rs. crore)

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FII & DII Turnover (BSE + NSE)
(Rs. crore)
FIIDII
Trade DateBuySalesNetBuySalesNet
21/2/124,091.842,691.671,400.171,233.782,477.93-1,244.15

21/2/12: Categories Turnover (BSE) (Rs. crore) Clients NRI Proprietary Trade Data

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Categories Turnover (BSE)

(Rs. crore)
ClientsNRIProprietary
Trade DateBuySalesNetBuySalesNetBuySalesNet
21/2/122,261.282,272.86-11.580.950.940.01841.41798.2343.18
17/2/122,885.982,909.90-23.922.843.03-0.181,092.021,056.1535.86
16/2/122,439.052,407.6331.431.101.43-0.33920.32911.249.08
Feb , 1231,890.4133,736.42-1,846.0118.8919.48-0.5912,147.2211,576.04571.19
Since 1/1/1266,822.8768,931.22-2,108.3535.8239.43-3.6124,143.9623,188.29955.68